Precision Medicine refers to modifying treatment plans to target the specific characteristics of individual tumours based on a patient's genetic profile. Precision Medicine helps oncologists to detect cancer at an early stage by analysing biomarkers in patients' genes, proteins and environment. It offers targeted, individualized treatment and diagnostic options and improves outcomes for many patients by determining which medications, therapies, doctors and treatment protocols may work best. Cancer medications are now available that treat only certain types of cancer with specific genetic features.
The global Precision Medicine Market is estimated to be valued at US$ 99.7 Billion in 2023 and is expected to exhibit a CAGR Of 8.7% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Huge investments in R&D by pharmaceutical and biotechnology companies as well as government research institutes is one of the major key trends driving the growth of Precision Medicine Market. Companies are investing heavily in personalized medicine to identify the molecular characteristics of diseases and develop effective drugs targeted at the disease-causing variations in human DNA, RNA or proteins. For instance, Pfizer invested $2 billion in 2017 in a four-year research collaboration with Translational Software to identify new treatment using algorithms and artificial intelligence. The collaboration aims to accelerate development of precision medicines to treat various diseases. Similarly, Johnson & Johnson invested nearly $1 billion in 2014 to create the Janssen Genetics program focused on new product development through analytics and big data. Such heavy investments in R&D are expected to improve understanding of molecular basis of diseases and accelerate development of new precision drugs going forward.
Segment Analysis
The global precision medicine market is dominated by the oncology segment. Oncology is the largest segment as it accounts for more than 70% of the precision medicine market share due to the increasing adoption of targeted therapies and companion diagnostics to develop personalized cancer treatment regimens. The other growing segment is CNS diseases owing to the rising usage of biomarker testing and pharmacogenomic screening for diseases like Alzheimer's and Parkinson's.
Key Takeaways
The Global Precision Medicine Market Demand is expected to witness high growth over the forecast period of 2023 to 2030.
Regional analysis:
North America dominates the global precision medicine market and is expected to continue its dominance during the forecast period. This is attributed to the rising demand for personalized therapies, presence of advanced healthcare facilities, and high adoption rate of advanced technologies. Asia Pacific is expected to be the fastest growing market due to increasing strategic initiatives in precision medicine, growing investments for advanced genomics research, and rising government support for the adoption of precision medicine approaches in countries like China and India.
Key players operating in the precision medicine market are Thermo Fisher Scientific Inc., F. Hoffmann-La Roche Ltd., Illumina, Inc., QIAGEN, Bio-Rad Laboratories Inc., Cepheid, Flatiron Health, GE Healthcare, Novartis AG, and Abbott. Thermo Fisher Scientific leads the market with its innovative sequencing solutions and advanced bioinformatics platform. Roche is developing cutting-edge targeted therapies in collaboration with Flatiron Health which is enabling real-world development of precision medicines. Illumina dominates the precision diagnostics segment with its NGS platform automation kits and panels for various cancer types.
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